McEwen Inc. (NYSE: MUX) (TSX: MUX) announced its second-quarter 2026 financial results, revealing a 27% increase in revenue to $59.2 million, net income of $9.6 million, or $0.16 per share, and adjusted EBITDA of $22.2 million. The company also provided updates on its growth pipeline, which is expected to lift annual production to 250,000-300,000 gold equivalent ounces (GEOs) by 2030, with management emphasizing that future growth can be largely self-funded through operating cash flow based on long-term gold and silver price assumptions.
The company reported new high-grade exploration results at its Grey Fox and Tartan projects, including intercepts of 97.7 grams per tonne (gpt) gold over 4.4 meters and 17.8 gpt gold over 15.9 meters. These results underscore the potential of these projects to contribute to the company's production growth targets. McEwen increased its 2026 production guidance for the Fox Complex in Ontario but reduced guidance for the Gold Bar Complex in Nevada due to operational challenges.
McEwen also received $58.2 million in dividends this year from its 49%-owned San José mine, exceeding prior full-year expectations. The company provided updates on multiple development projects, including Stock Mine, Grey Fox, Tartan, El Gallo, and the Los Azules copper project. As of the end of the quarter, McEwen held $78.9 million in cash and cash equivalents and raised its 2026 exploration budget to $25.7 million.
The company's growth strategy is anchored in advancing its existing assets and developing new ones. The Los Azules copper project, in which McEwen holds a 46.3% interest through McEwen Copper, is designed to be one of the world's first regenerative copper mines and carbon neutral by 2038. According to the last financing for McEwen Copper, the implied value of McEwen's ownership interest is US$456 million (US$7.67 per share). The project's Feasibility Study results were announced in a press release dated October 7, 2025.
McEwen also recently purchased a 27.3% stake in Paragon Advanced Labs Inc., a newly listed public company deploying PhotonAssay units worldwide, a technology the company believes is poised to become the new industry standard for assaying precious and base metals. This investment aligns with McEwen's focus on technological innovation in the mining sector.
Chairman and Chief Owner Rob McEwen has invested over US$250 million personally and takes a salary of $1 per year, aligning his interests with shareholders. He is a recipient of the Order of Canada, a member of the Canadian Mining Hall of Fame, and a winner of the EY Entrepreneur of the Year (Energy) award. His objective is to build MUX's profitability, share value, and ultimately implement a dividend policy, as he did while building Goldcorp Inc.
The company's quarterly results and project updates highlight its commitment to growth and shareholder value. With a strong cash position and a diversified portfolio of gold, silver, and copper assets, McEwen is well-positioned to capitalize on favorable commodity prices and deliver long-term value. For more details, the full press release is available at https://ibn.fm/QIpMT.
